CandleFocus ApeCoin (APE) Price Sees 100% Boost After Apechain Launch, Whale Support Declines
2024-10-21
Author: Content Editor
The price of ApeCoin (APE) has surged almost 100% in the last week due to the announcement of Apechain and APE's staking program. However, it appears that whales, or large investors, are not accumulating more APE, indicating a lack of confidence in the sustainability of this price increase. The number of wallets holding between 1 million and 10 million APE has actually decreased, suggesting that the recent momentum may be driven by hype rather than strong fundamentals. The Relative Strength Index (RSI) for APE is currently at 78, indicating overbought conditions and the potential for a correction. If APE can break through resistance levels at $1.82 and $2.07, it could experience a 38% surge, but if buying strength diminishes, APE could face a downturn with potential support levels at $1.10 and $0.94. A significant pullback may occur if support fails, potentially dropping APE to $0.54.
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